BlackRock Makes Move to Finalize its Application Before the Holidays
BlackRock updates ETF filing for IBIT, switching to cash-only strategy; move aligns with SEC, joins ARK Invest and 21Shares in ETF push.
In what experts believe is an effort from ETF applicants to finalize applications with the SEC, BlackRock, the world's largest asset manager met with the SEC yesterday 18th Dec, and updated its SEC filing for its proposed ETF, IBIT. This update comes after discussions with the SEC.
BlackRock is switching to a cash-only approach for its ETF strategy, a move made to adapt to the requirements of the SEC. The firm will accept cash instead of Bitcoin for new ETF shares, aligning with the SEC's preference to reduce risks. This move is part of BlackRock's plan to streamline operations.
Other investment firms like ARK Invest and 21Shares have also updated their Bitcoin ETF filings, these moves are building the optimism and excitement of the crypto industry for a Bitcoin ETF approval. Wisdomtree has filed a similar amended proposal.
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